Owning a second home abroad is no longer a trend but well-deserved benefit of 21st-century life. With masses of countries allowing foreigners to purchase and live overseas, potential home owners often want to know good reasons to buy property in Turkey. They are looking for answers to help them decide if this country is the best investment for their property portfolio as well as an ideal future destination if they plan to move out here.
For many years before 2000, Turkey’s property market was massively behind other countries in terms of modernisation and innovation. The fault with this lay in the domestic market because mortgages weren’t available, and generations of families lived in the same house. Trained architects unable to find a market for their skills often went abroad.
However, all that changed at the turn of the century. Banks made mortgages a prominent factor of their portfolios, and the building sector embarked on a massive campaign to modernise and update housing.
Having sold property in Turkey for since 2003, we have seen many changes in the legal systems as well as the architecture and housing trends of new builds. All of them have been for the benefit of the buyer as well as a much-needed move into modernising Turkey’s real estate market.
The real estate market of Turkey was late to enter the international market; hence the low prices of homes quickly attract foreigners from many different nationalities. Luxury properties are available, but in everyday towns like Altinkum on the Aegean coast, a 2-bedroom furnished apartment is quite easy to find for buyers with a budget of £45,000. Low prices have enabled many customers to buy the property outright without mortgages or bank credit.
The growth of the real estate market and recognition of talented architects has boosted the property portfolio of Turkey to an incredibly diverse status. Foreign buyers have extensive choices of budget and luxury, off plan, new build, resale, and renovation apartments and villas. From the basic and budget to luxury homes with sea views and all the latest modern amenities, such is the diversity; buyers do not have to compromise on their dream a home in the sun.
For those who are looking for a long-term investment, these prices have potential to offer a lucrative return on investment. Experts often recommend that the real estate market is the best long-term investment to make, but buyers in Turkey have added advantages over other countries such as Spain or Cyprus, where property prices have already peaked. With annual maintenance and upkeep, a well looked after property in Turkey has mass potential for return on long term investment.
Thousands of Brits have already bought homes in Turkey, and although the low property prices are a big lure, the laidback lifestyle undoubtedly lures them here for permanent living. Most prefer the coastal towns of the Aegean and Mediterranean so they can indulge in seaside living, but other places like the mountainous Uzumlu and inland towns of Ovacik and Hisaronu have also proved to be a hit.
For buyers living here, one reason for buying property in Turkey was the low cost of living. Pensioners are especially getting a good deal because the exchange rate from their currency into Turkish lira is netting them more than the average cost of living.
Although red meat and petrol are expensive, the weekly shop can turn out to be cheap if visiting the local markets for items such as fruit, vegetables, cheese and olives. Regarding household bills, there is no television licence, the council tax is a minute fraction of what it is in the UK, and facilities such as water can cost as little as £7 a month depending on usage.
Turkey is the 37th largest country in the world and a mass of towns scattered from the east to the west attract foreign buyers. Most settle on the Aegean and Mediterranean coasts apart from Istanbul, which tends to attract working expats.
Popular places include the Bodrum peninsula, often visited by wealthy, international celebrities and Fethiye, that is particularly scenic. Altinkum has attracted British people thanks to its atmosphere nicknamed little Britain while Antalya is more European in its lifestyle approach. Dalaman is less spoken about however for the foreign property buyers there, it does feel like being at home.
Aside from the laid back lifestyle and low cost of living, customers have also quoted the Turkish food, culture and hospitality as major reasons to buy property in Turkey. The cuisine still focuses heavily on fresh ingredients to make delicious home-cooked meals, and it is like a Mediterranean diet, often called the healthiest in the world.
Turkish culture and hospitality also embrace foreigners, and an age-old proverb says every stranger is a friend. The result is that many different nationalities feel welcome in the country and enjoy indulging in a new cuisine focused heavily on healthy eating.
Foreigners were first able to buy property in 2001, and since then authorities have continually revised and simplified the process to attract investment in the housing market from overseas. Here at Spot Blue, we also check the paperwork of all properties to ensure they are legally in good standing. You can find more details about the process here, or alternatively, see our portfolio of property for sale across the country. Spot Blue office and location staff are here to walk you through every step of the process to owning your own home in Turkey.